May 18, 2023

Silver X Mining Publishes Inaugural Sustainability Report

Vancouver, BC, May 18, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the publishing of its inaugural Sustainability Report for the year ended December 31, 2022 (the “Sustainability Report”), highlighting the Company’s approach and commitment to sustainable development through mining.

“At Silver X, sustainability is truly at the heart of how we operate our projects and within our communities,” stated José M. García, President and CEO of Silver X. “As a small organization, taking the right actions at every step of our growth is key, ensuring that we not only prioritize economic benefit but also consider our environmental and social influence. Commitment to collaboration has been the cornerstone of our success so far and it will continue to be even more important as we expand. As you will see in the pages of the report, we take this responsibility very seriously. We aim to create a positive legacy from our activities for stakeholders now and well into the future.”

2022 Sustainability Performance Highlights

  • Established a sustainable development agenda in alignment with the United Nations Sustainable Development Goals.
  • Achieved 100% compliance with environmental requirements applicable to the Company and performed in compliance with the International Council of Mining & Metals Conservation of Biodiversity Principle.
  • Recirculated 99% of the water used in the Company’s underground operations and 72% used in processing activities and achieved its goal of zero incidents related to water quality during the year.
  • Established an Occupational Health and Safety Management Program based on ISO 45 001: 2018 and implemented 146 health and safety training sessions for employees.
  • Improved professionalization of the local community by committing to hiring locally, resulting in 55% of our non-professional workforce coming from the Huachocolpa community.
  • Contributed $2.7 million to the local economy through the purchase of goods and services from local suppliers.
  • Established the Huachocolpa Foundation, an entity with the purpose of overseeing and implementing a number of programs focused on sustainable development for the surrounding community.

The 2022 Sustainability Report can be found on the Company’s website at
https://www.silverxmining.com/sustainable-development.

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About Silver X Mining Corp.

Silver X is a rapidly-expanding silver developer and producer in the Americas. The Company owns the +20,000-hectare Nueva Recuperada Silver District in Central Peru and produces silver, gold, lead and zinc from the district’s Tangana Mining Unit. Our mission is to be a premier silver company delivering outstanding value to all stakeholders and we aim to achieve this by consolidating and developing undervalued assets, creating value by adding resources and increasing production while aspiring to social and environmental excellence. For more information visit our website at www.silverxmining.com.

On Behalf of the Board

José M. García

President, CEO and Director

For further information, please contact:

Investor Relations

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward-looking information contained in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Nueva Recuperada Project (the “Project”), the ability of the new zones at the Project to feed production at the Company’s Nueva Recuperada Plant in the near term, the Company’s belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, the expected financial performance of the Company, the ability of the Company to complete the proposed Private Placement, if at all, on the proposed terms, and the use of proceeds of the Private Placement.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company’s operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company’s ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company’s annual and interim MD&As and in its public documents filed on www.sedarplus.ca from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.